Beginning this year, Mary is planning to save $800 each year for the next six years to
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Question:
Beginning this year, Mary is planning to save $800 each year for the next six years to take a vacation to commemorate the seventh year of her career. Assuming the interest rate offered by her bank is 9 percent annually, how much will Mary have in the account at the end of seven years? If Mary increases her savings to $1,500 annually, will this be enough to take care of her vacation which is estimated to cost $15,000.
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